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State Controller Says March Revenues Below Projections

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(Sacramento, CA)
Tuesday, April 10, 2012
Chiang says March revenues came in 233-million dollars below the latest estimates in the Governor's proposed budget.  Most of the shortfall was in corporate tax receipts, which were more than eight-percent below projections.  Sales and personal income taxes were also down.
The personal income tax is a major source of revenue for the state. April tax receipts are taken into account in the Governor's revised budget that's released in May. The state Controller says more than 35-percent of all revenues are expected in the next three months, making this the most important period for tax collection in the fiscal year. 
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